Recent Data Shows The Rise of Victims As Annual Fraud Cost Has Reached £137BN

Recent Data Shows The Rise of Victims As Annual Fraud Cost Has Reached £137BN cost of fraud

Does your business domain have domains similar to it? You have to watch it, especially in this era where the cost of fraud is very much on a sporadic rise. It only takes easy, smart steps for these fraudsters to affect your business and impact the lifestyle of your customers by their fraudulent activities.

Activities like typosquatting and smishing make it very difficult, if not impossible to maintain a reputable and stable brand without high-quality domain monitoring solution tools.

Many big and reputable organizations in the UK have had their businesses hit by the rise of fraud, and customers’ lifestyles have also taken negative effects as a result. The annual cost of fraud in 2021 has reached £137,000,000,000.

That’s some massive negative effect that has to be clamped down upon, you’d agree. Since the bulk of these frauds are domain-based, domain monitoring solutions are then imperative to implement by businesses.

Why there is Increase in Cost of Fraud?

Consumers’ Lifestyle – What Effect?

Many big brands and organizations in the UK have not paid enough attention to public data protection as just customer awareness is not enough in most cases. The deficiency of these organizations in these data protection responsibilities has resulted in a negative effect on their consumers’ lifestyles.

Customers are missing out on a whole lot of consumer items, daily, monthly, and annually that would have benefited them if they were not in the hands of fraudsters. Netflix customers, in particular, are having a hard time dealing with these fraudulent activities since the daily cost of fraud is leading to consumers missing out on purchasing 62,661,513 monthly Netflix subscriptions. That’s a whole lot of movie nights and emotional moments being missed out on. Many people would be missing out on the enjoyment of being kept up-to-date with the latest Netflix show that has taken the world by storm, Squid Game.

Other consumer items such as cinema tickets, full tanks of petrol, smartwatches, PlayStation 5, round the world tickets among others are also part of the consumer items scammed by fraudsters. Consequently, urgent and practical action must be taken by businesses and the government alike, otherwise, these big companies will lose lots of cash, their reputation, and customers in the long run.

1. Employ Data Monitoring Tools in Your Business

Since the top and fast-growing organizations are the prime targets of scammers today, domain monitoring solutions are key to clamping down on these frauds. Domain monitoring tools allow you to monitor all activities on your business domain; detecting copycat websites and customer data siphoning activities.

2. Effective Typosquatting Clamp Down

Installing top-quality domain monitoring tools for your business helps in detecting typosquatting activities. Typosquatting activities usually involve creating or building similar or copycat websites with parked domains that replicate your business domain name either visually or phonetically to carry out fraudulent activities.

Links to these fake websites are usually sent to your customers to get data used in scamming them. It is most times in terms of them buying a fake product or performing an action that defrauds them of lots of cash.

How important is a domain monitoring tool in this regard? Let us take, for example, your business website has been typo squatted with a lot of fake domains. It is a tedious and ineffective process to pick out these fake domains manually.

What a domain monitoring tool does is to set up the detection software in such a way that all typo squat domains are detected and clamped down automatically. No stress to you, and you get the desired results!

3. Keeping an Effective Data Monitoring System

Today, virtually everything can be done online! The same goes for your business. Customers now prefer to order online and get items delivered to their doorsteps. If it is in terms of services provided, rather than going to get such services, home services can be ordered online as well.

The prevalence of online business services has necessitated the keeping of databases and other customer information over the web. As a business franchise, when your database is secured and your domain is well monitored through effective tools, your business and its customers would most likely not fall victim to fraudsters.

This way, your customers get to benefit effectively from your services, you make more money, and you attract potential customers as a result of the reputation built from the atmosphere created by having these tools in place.

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